Mortgage Bankers Association Launches Arabic Version of Consumer Education Campaign

DEARBORN, Mich. – The Mortgage Bankers Association, working with the City of Dearborn, Mich. and the Michigan Mortgage Lenders Association launched the Arabic-language version of its nationwide consumer education campaign, Stop Mortgage Fraud. The campaign, which is designed to help prevent abusive lending practices, was originally launched in English and Spanish. “With the enormous growth of Arabic-speaking immigrants in the United States, it is essential that we expand our Stop Mortgage Fraud initiative to include providing the information in Arabic. This will ensure that we continue to provide consumer protection information to those populations that are the most vulnerable to be subject to abusive lending practices,” said MBA Chairman Robert Couch. Stop Mortgage Fraud includes three tools for consumers: * a borrower’s Bill of Rights that provides a detailed listing of consumer rights during the mortgage transaction. * a listing of the 10 warning signs of predatory lending, Some of these signs range from being asked to leave signature lines blank to being encouraged to falsify information on a loan application. * a Web site address, www.StopMortgageFraud.com, and a phone number, (800) 348-3931, consumers can use to get information on what steps to take to file a complaint or to report suspected predatory lending.